Altcoin News

Polymesh security token blockchain opens to public

Polymath today began onboarding the first public users onto the Polymesh mainnet after years of work piloting a security token regulatory pathway for the very first time.

Polymesh (POLYX) is an institutional-grade permissioned blockchain built-specifically for the tokenisation of regulated assets.

With the public mainnet live since October 28, users can access the POLYX-powered platform and use the chain to create, issue, and manage security tokens, alongside participation in on-chain activities like governance and staking.

Polymesh has opened the doors for security tokens

The Polymath team has used key design principles in the chain’s core to solve issues around identity, compliance, confidentiality, governance, and settlement.

In a landmark for security tokens globally, Polymesh’s native token – POLYX, was specifically designed to be designated as a utility token under Swiss laws, after collaborative conversations will the Swiss Financial Regulator FINMA.

“We’re thrilled to begin welcoming users to the Polymesh mainnet,” said Graeme Moore, Head of Tokenisation for Polymath.

“The 4,300+ users from our Incentivised Testnet along with additional users looking to create security tokens and stake POLYX mark the beginning of the next chapter in security tokens. Purpose-built infrastructure is here”.

The blockchain is being deployed by the Polymesh Association – a not-for-profit organisation based in Switzerland with the mission to promote and develop the protocol and ecosystem. The Association has been bootstrapped with $8 million USD and 250 million POLYX to offer grants and incentives to developers.